STUDENT LOAN CONTRACT
STUDENT LOAN CONTRACT This is your contract with the Crown to receive and repay a student loan. It is available to you through the Student Loan Scheme. The purpose of this Scheme is to provide financial assistance to students enrolled in approved courses and programmes at tertiary education providers in New Zealand. Your loan contract is in two parts. In Part 1 you will find pages to check and sign. In Part 2 you will find the terms and conditions of your loan. The legal terms used in this document are explained in the Definitions at the back. If you have any queries about any part of this loan contract please see the booklet “How to get a student loan and how to pay one back” or contact either StudyLink or Inland Revenue. You may also wish to seek your own independent advice on the loan contract. Remember: What you borrow, you'll have to pay back. The less you borrow, the faster you'll pay off your loan. Table of Contents Part 1 Student Loan Signing page ......................................................................................................1 Your Student Loan Details…………………………………………..………….……………………2 Student Loan Signing page (Your copy) ..................................................................................3 Your Student Loan Details (Your copy)....................................................................................4 Part 2 - Terms and Conditions Introduction...............................................................................................................................5 Key details of your loan ............................................................................................................5 1 Maximum you can apply for .........................................................................................6 2 Binding contract ...........................................................................................................6 3 How to cancel your loan...............................................................................................6 4 Eligibility for a loan .......................................................................................................6 5 What you can use the loan for .....................................................................................7 6 Receiving your loan money..........................................................................................7 7 The interest and administration fees on your loan .......................................................8 8 Repaying your loan ......................................................................................................9 9 When your loan is transferred to Inland Revenue ......................................................10 10 When your loan balance is written off ........................................................................11 11 Keeping us informed ..................................................................................................11 12 Notices .....................................................................................................................122 13 Privacy .......................................................................................................................12 14 Assignment ................................................................................................................13 15 Governing law ............................................................................................................13 16 Consent of parent or guardian ...................................................................................13 17 Offences.....................................................................................................................13 18 Definitions.................................................................................................................14 Student Loan CCYY – Signing Page Please check this page, sign it, remove it and return it to StudyLink. BORROWER (The Student) Your First Names(s) – include all your first names Your Family Name or Surname Date of birth Your address – address for correspondence and formal notices I have read, understand and agree to the terms and conditions of this loan contract. Your signature Date signed If you are under 18 years of age: then a parent or guardian will need to consent to you entering into this loan contract. This doesn’t apply if you are married, in a civil union, have any dependent children, or have had a Student Allowance Independent Circumstances grant. Your parent or guardian does not have any repayment obligations. The terms and conditions of this loan contract are binding on you. Full name of person giving consent My relationship to this student is – state relationship (e.g. parent, step parent, caregiver) I consent to the borrower named above agreeing to this loan contract. I understand that by giving my consent the above named borrower may have access to a loan including fees, living costs, and course related costs. I also understand this consent cannot be withdrawn or modified. Parent or guardian signature Date signed Do not mark below this line. Any marks below this line may invalidate the contract. Peter Hughes, Chief Executive – Ministry of Social Development Signed for and on behalf of the Crown Office use only (F) Name and date of Birth Y N Name and designation Q Y N Q Y Contract signed/dated Contract Altered Marriage cert. provided Dependent child(ren) Birth cert. provided N Under 18 Years Parental Consent Given 20111064880 1 Q Your Student Loan Details Please check your student loan details are correct and change any details that are incorrect. In some circumstances we may issue you a new contract to complete. You may amend the student loan details at any time. The information you have provided may be used by us, or the Ministry of Education, for work on student loan policy. Gender Client Number IRD Number Bank Account Number Study Details: If more than one education provider please state: Campus / Location Education Provider Programme Start Date Programme End Date Do you want your loan to pay the fees for this education provider? YES/NO* Student ID Number * I understand that when I answer “Yes”, I am authorising payment to my education provider by direct transfer from my loan account of any fees payable to enrol or register that are still owing to them (as notified by my education provider) Living Costs YES/NO I have applied for living costs per week of $ (Enter $0 if you are not eligible for living costs or if you do not want to borrow any living costs) If you have applied for the maximum living costs per week, and if you wish for this amount to be adjusted from time to time in accordance with the CPI process (rounded to two decimal places), enter yes in the box below. The new amount will be published on www.studylink.govt.nz YES/NO 1. I am applying for a loan for fees only. 2. I am a New Zealand citizen or have been granted permanent residence status in New Zealand. 3. I receive, or will receive, a Work and Income benefit while studying (not including a student allowance). 4. My spouse or partner receives, or will receive, a Work and Income benefit while I am studying (not including a student allowance) – write “no” if you do not have a spouse or partner. 5. I receive, or will apply for, a Work and Income training incentive allowance while studying. 6. I am an undischarged bankrupt (currently bankrupt). 7. I am a No Asset Procedure Debtor. 8. I am a Summary Instalment Order Debtor. 9. I will be in prison while studying. Do not mark below this line. Any marks below this line may invalidate the contract. Office use only (B) Y N Q Y Citizen Permanent Resident Inland Revenue Number Bank Account Number Other Fields Altered Extra evidence received N Q If this box is checked Send evidence to StudyLink Evidence sent to StudyLink 2 Student Loan CCYY – Signing Page Please check this page, sign it, remove it and return it to StudyLink. BORROWER (The Student) Your First Names(s) – include all your first names Your Family Name or Surname Date of birth Your address – address for correspondence and formal notices I have read, understand and agree to the terms and conditions of this loan contract. Your signature Date signed If you are under 18 years of age: then a parent or guardian will need to consent to you entering into this loan contract. This doesn’t apply if you are married, in a civil union, have any dependent children, or have had a Student Allowance Independent Circumstances grant. Your parent or guardian does not have any repayment obligations. The terms and conditions of this loan contract are binding on you. Full name of person giving consent My relationship to this student is – state relationship (e.g. parent, step parent, caregiver) I consent to the borrower named above agreeing to this loan contract. I understand that by giving my consent the above named borrower may have access to a loan including fees, living costs, and course related costs. I also understand this consent cannot be withdrawn or modified. Parent or guardian signature Date signed Do not mark below this line. Any marks below this line may invalidate the contract. Peter Hughes, Chief Executive – Ministry of Social Development Signed for and on behalf of the Crown Office use only (F) Name and date of Birth Y N Name and designation Q Y N Q Y Contract signed/dated Contract Altered Marriage cert. provided Dependent child(ren) Birth cert. provided N Under 18 Years Parental Consent Given 3 Q 20111064880 Your Student Loan Details Please check your student loan details are correct and change any details that are incorrect. In some circumstances we may issue you a new contract to complete. You may amend the student loan details at any time. The information you have provided may be used by us, or the Ministry of Education, for work on student loan policy. Gender Client Number IRD Number Bank Account Number Study Details: If more than one education provider please state: Campus / Location Education Provider Programme Start Date Programme End Date Do you want your loan to pay the fees for this education provider? YES/NO* Student ID Number * I understand that when I answer “Yes”, I am authorising payment to my education provider by direct transfer from my loan account of any fees payable to enrol or register that are still owing to them (as notified by my education provider) Living Costs YES/NO I have applied for living costs per week of $ (Enter $0 if you are not eligible for living costs or if you do not want to borrow any living costs) If you have applied for the maximum living costs per week, and if you wish for this amount to be adjusted from time to time in accordance with the CPI process, enter yes in the box below. The new amount will be published on www.studylink.govt.nz 1. I am applying for a loan for fees only. 2. I am a New Zealand citizen or have been granted permanent residence status in New Zealand. 3. I receive, or will receive, a Work and Income benefit while studying (not including a student allowance). 4. My spouse or partner receives, or will receive, a Work and Income benefit while I am studying (not including a student allowance) – write “no” if you do not have a spouse or partner. 5. I receive, or will apply for, a Work and Income training incentive allowance while studying. 6. I am an undischarged bankrupt (currently bankrupt). 7. I am a No Asset Procedure Debtor. 8. I am a Summary Instalment Order Debtor. YES/NO 9. I will be in prison while studying. Do not mark below this line. Any marks below this line may invalidate the contract. Office use only (B) Y N Q Y Citizen Permanent Resident Inland Revenue Number Bank Account Number Other Fields Altered Extra evidence received N Q If this box is checked Send evidence to StudyLink Evidence sent to StudyLink 4 Terms and Conditions Introduction This loan contract, the loan entitlement advice and the Act contain the terms and conditions of this contract. These terms and conditions are subject to the Credit Contracts and Consumer Finance Act 2003. Key details of your loan Loan entitlement: As set out in your loan entitlement advice and made up of: (a) fees (b) course-related costs (c) living costs Administration fee: $50 Repayment threshold: $19,084 for the tax year ending 31 March 2011 Repayment percentage: 10% Annual Interest rate: 6.6% per year Default penalty: 1.5% as set out in clause 7.1.4 Interest is calculated on a daily basis and is compounded on 31 March following the end of the loan period and annually after that. Address details: StudyLink StudyLink Centre Free Post 113907 Private Bag 11070 PALMERSTON NORTH 4442 Phone: 0800 88 99 00 www.studylink.govt.nz Inland Revenue 12-22 Hawkestone Street PO Box 2198 WELLINGTON 6140 Phone: 0800 37 77 78 www.ird.govt.nz/studentloans 5 1 1.1 Maximum you can apply for The maximum loan you may apply for is the total of: (a) all of the fees for your course; (b) course-related costs up to $1,000; and (c) the amount you have nominated for weekly living costs for your study period, if you are eligible. 2 Binding contract 2.1 A binding contract will be formed if all of the following happen: (a) you apply for a loan and provide all the information we require; (b) we are satisfied that you meet our lending criteria; (c) you sign and return pages 1 and 2 of this loan contract to us. On these pages you may make changes to your address details and your student loan details. The rest of the loan contract must remain unchanged; (d) your education provider confirms to us: (e) (i) that you are enrolled to study for a course, and (ii) the amount of your fees for that course; and we send you a letter called the loan entitlement advice. 3 How to cancel your loan 3.1 If you want to cancel this loan contract you must give us notice in writing. You must give this notice within 7 working days after the date that we posted the loan entitlement advice to you. 3.2 If you have already received advances under this loan contract and you wish to cancel it, then you must repay those advances (and any interest) to us within 7 working days after the date that we posted the loan entitlement advice to you. 4 Eligibility for a loan 4.1 You must comply with this loan contract to remain eligible for the loan. Access to your loan may be stopped, at our discretion, if we are satisfied that the loan account is not being used as the student loan scheme intended (for example, if you have not met course requirements). 4.2 You are not eligible for a loan for living costs if you are in prison or studying part-time. You may also not be eligible for course-related costs if you are studying part-time. 4.3 If you receive a Student Allowance or some other financial help from the Crown for your living costs, the amount of your living costs available under your loan may be reduced. If you receive a benefit you will not be eligible for any living costs from the loan. 6 5 What you can use the loan for 5.1 We will pay advances under your loan that relate to your: (a) fees, directly to your education provider; (b) course-related costs, to your chosen bank account; and (c) living costs, to your chosen bank account each week starting in the second week of the loan period. The final payment will be made at the end of the loan period. 6 Receiving your loan money 6.1 Advances 6.1.1 6.2 Advances to you will be available during the loan period only. Advances will be paid as set out in the loan entitlement advice. Loan entitlement advice 6.2.1 We will send you the loan entitlement advice: (a) after we receive correctly signed pages 1 and 2 of this loan contract; and (b) 6.2.2 The loan entitlement advice will include: (a) (b) 6.3 after any change to your loan entitlement. following the return of the correctly signed pages 1 and 2 of this loan contract to us: (i) the loan entitlement, divided into the amounts available to you for fees, course-related costs and living costs; (ii) the start date and the date of the final advance; (iii) the interest rate; (iv) the administration fee; and (v) any known changes to any of the details above and any date(s) that those changes will happen or have happened. following a change to your loan entitlement: (i) the new loan entitlement, divided into the amounts available to you for fees, course-related costs, and, if applicable, living costs; (ii) the date the new loan entitlement is to take effect; and (iii) any other changes to your loan details. Changes to your loan entitlement 7 6.3.1 Your eligibility for, or entitlement to, any loan amount may change during the loan period. For example, this may occur if you change your existing course, or enrol in a new course, or change education provider. 6.3.2 If you enrol in a new course, you must send us a new application for a student loan. This may change the amount of the loan that you are eligible for. 6.3.3 If your eligibility for or entitlement to any loan changes before the end of the loan period: (a) the loan entitlement will be changed to the new amount; (b) if your loan entitlement is increased, advances will be available up to the new loan entitlement; and (c) if your total loan entitlement is decreased, you: (i) agree to refund any fees to which you are no longer entitled. This will be repaid by your education provider to us by direct credit; and (ii) will pay us the amount of any living costs or any course related costs that is needed to reduce the loan balance to the correct loan balance based on your new loan entitlement. 7 The interest and administration fees on your loan 7.1 Interest 7.2 7.1.1 Subject to clause 7.2, interest will be calculated on the loan balance at the annual interest rate each day from the date the first advance is paid. 7.1.2 We will add interest to the loan account at the end of each month. 7.1.3 Interest will compound when the administration of the loan is transferred to Inland Revenue on 31 March in each year. 7.1.4 If you’ve underpaid your student loan repayment obligation and you don’t pay it in full by the due date, you’ll be charged the default penalty every month until the total outstanding amount is repaid. This only applies to amounts over $333. 7.1.5 You may apply to Inland Revenue to waive any penalty charged by them. Inland Revenue may in accordance with the Act and any other applicable tax laws waive all or part of the default penalty. 7.1.6 Interest is not charged on overdue amounts that you are being charged penalties for. Interest-free loan 7.2.1 You may be eligible to have interest written off by Inland Revenue. 7.2.2 You may be eligible for an interest-free loan if you are in New Zealand for at least 183 consecutive days. After you have been overseas for 184 consecutive days you will not be entitled to the interest-free loan (and interest will be charged from the first day of your absence). Inland Revenue may, in certain circumstances, grant you an exemption if you do not meet the 183-day requirement. 8 7.3 7.4 Changing interest rates and other amounts 7.3.1 Any of the annual interest rate, repayment threshold and repayment percentage may be changed on 1 April each year by regulations. 7.3.2 We or Inland Revenue will notify you of any changes in accordance with any relevant laws. 7.3.3 Any advertisement, including by television, radio, pamphlet or letter, advising of changes which apply to all loans under the Student Loan Scheme or to any subcategory of loans that includes your loan, is notice to you. Administration fee 7.4.1 We will add the administration fee to your loan account when we pay you the first advance. It will form part of the loan balance. Interest will be calculated on the administration fee in accordance with clause 7.1. 8 Repaying your loan 8.1 Repayment because of your student allowance 8.1.1 If, at any time during the loan period: (a) you are paid a student allowance for the same period that you receive a loan for living costs; and (b) the amount of loan for living costs was calculated as if you had not received a student allowance, then you may have to repay some of the loan for the living costs. The amount of living costs payment repaid will be used to reduce your loan balance. 8.2 Repayment of your loan balance and default amount 8.2.1 If you receive salary or wages, a student allowance, or other income support, and earn over the repayment threshold, you must make repayments towards your loan. Your employer or organisation can make student loan repayments on your behalf. You must show on your Tax code declaration (IR 330) form the student loan tax code you want to use. Your employer or organisation will deduct student loan repayments from your income which they will send directly to Inland Revenue. 8.2.2 Your repayment amount will depend on your income, and on whether you are living in New Zealand or not. This is set out in the Act. In summary: 8.2.3 (a) while you are living in New Zealand, you must make repayments from any income earned over the repayment threshold. The amount of the repayments is calculated by subtracting the repayment threshold from your income before tax, and multiplying the difference by the repayment percentage; or (b) while you are overseas for more than 183 days, your repayments will be based on your loan balance. However, depending on your circumstances, you may be entitled to a repayment holiday. You must repay the loan balance and all interest, if any, in full immediately on demand if you: 9 8.3 (a) become bankrupt or enter into an agreement with creditors; or (b) have committed any fraud to get your loan; or (c) do not pay any amount due under the Act; or (d) do not comply with your obligations under clause 11; or (e) have not complied with any provision of the Act for 2 years or more. 8.2.4 We or Inland Revenue can use all of the remedies under Section 46 of the Act (and other legal remedies) to recover the loan balance from you. 8.2.5 If you have to make interim repayments under the Act and your interim repayments are underestimated, you may be charged a penalty. The penalty is 10% of the amount underestimated. Voluntary repayments 8.3.1 8.3.2 Before we transfer the administration of your loan to Inland Revenue, you may, at any time, make a voluntary repayment. We will use this to reduce your loan balance. You may make your repayments by: (a) sending us a cheque made out to StudyLink, and your details, to the address on page 5 of this loan contract; or (b) automatic payments in the manner specified by us; or (c) any other method we choose at our discretion. After we transfer the administration of your loan to Inland Revenue, you may (at any time) make a voluntary repayment by: (a) automatic payment. Complete an Automatic payment authority (IR 586) form and give it to your bank; or (b) internet banking. Use the tax payment facility on your bank’s website; or (c) paying in person at Westpac. You can make repayments by cash or cheque at any branch of Westpac, using a repayment slip; or (d) sending Inland Revenue a cheque made out to them, and your details, to the address supplied on page 5 of this loan contract. 9 When your loan is transferred to Inland Revenue 9.1 Following the year in which your loan period finishes, we will send you a statement showing: 9.2 (a) your loan balance and interest calculated up to 31 December; (b) the projected interest to 28 February of the following year; and (c) your objection rights. After 28 February, we will transfer the administration of the loan and information held by us to Inland Revenue, unless: (a) there is an outstanding objection; or (b) you have misrepresented your circumstances to us; or 10 (c) you have made a repayment in January or February of that year, in which case the transfer will occur on 31 March of that year. 9.3 If you have an existing loan with Inland Revenue, the transferred loan balance will be added to your existing loan. 9.4 After we have transferred the administration of the loan to Inland Revenue you can challenge any or all of the following things: 10 (a) the amount of your repayments; (b) the amount of interest charged; (c) decisions of Inland Revenue made in granting or declining an interest-free loan; (d) the amount of any penalty charged; (e) any decision by Inland Revenue not to write off a penalty payment or not to write off interest on excessive repayments. When your loan balance is written off 10.1 If you die, or if your loan balance at the end of any tax year is less than $10, your loan will be written off. 11 Keeping us informed 11.1 During the loan period, you must tell us immediately if: (a) you withdraw from all or part of your course; or (b) any change occurs in your circumstances that affects your eligibility for, or entitlement to, the loan, including any change in address, course or education provider, or you become bankrupt or imprisoned. 11.2 After we transfer the administration of your loan to Inland Revenue, you must tell Inland Revenue of any change to your postal address within 1 month of that change. 11.3 If you will be away from New Zealand for longer than 6 months, before leaving (or if you are already overseas, as soon as you can after you know that you will be away for longer than 6 months), you must provide Inland Revenue with: (a) a permanent overseas address, or a New Zealand address where notices can be delivered, or the name and address of a person in New Zealand authorised to act for you; (b) any information Inland Revenue reasonably requires to determine any overseasbased repayment obligation; and (c) any information Inland Revenue reasonably requires to determine whether you are entitled to an interest-free loan. You must tell Inland Revenue when you have returned to New Zealand. 11 12 Notices 12.1 We will hand deliver any notices under this loan contract to you or post them to an address specified by you. 12.2 You will receive notices from us before administration of your loan is transferred to Inland Revenue. After transfer, you will receive notices from Inland Revenue. 12.3 Notices sent by ordinary mail will be deemed to be given to the other party on the 4th working day after posting. 12.4 Notices may be included with any loan entitlement advice. 12.5 Before the administration of your loan is transferred to Inland Revenue, you may give notices to us by posting them to us at the address on page 5 of this loan contract. 12.6 After the administration of your loan is transferred to Inland Revenue, you may give notices by posting them to Inland Revenue at the address on page 5 of this loan contract. 13 Privacy 13.1 The information that you give us may be checked with any other information held by us. This is to determine whether you should have received or should continue to receive a loan. 13.2 The Privacy Act 1993 requires us to tell you that: (a) The information you give us will be held by the Ministry of Social Development. (b) The information is collected for the purposes of providing you with financial assistance under the Student Loan Scheme, and for the legislation administered by the Ministry of Social Development (including StudyLink), and in particular for: (i) granting and administering financial assistance and other assistance under the Student Loan Scheme, the Act, the Social Security Act 1964 and the Education Act 1989; (ii) providing education related services; (iii) statistical and research purposes; (iv) providing advice to Government; and (v) providing support and services to you and your family. (c) Other information that you give us on your skills, aspirations, family circumstances etc, and that is not required to assess your entitlement to financial assistance may be used to provide a better service to you by StudyLink and the wider Ministry of Social Development. (d) The information you give us may be compared with information held by Inland Revenue, the Ministry of Education, New Zealand Qualification Authority, the Tertiary Education Commission and education providers, Ministry of Justice, the Department of Corrections, the New Zealand Customs Service, the Department of Internal Affairs, the Accident Compensation Corporation, Housing New Zealand Corporation, Statistics New Zealand, Ministry of Health, and Immigration New Zealand. (e) Under the Tax Administration Act 1994, if you have dependent children, the information you give us may be shared with Inland Revenue for the purpose of administering Working for Families Tax Credits. Inland Revenue may also: 12 14 (i) use the information for the purposes of administering your loan, child support, and taxation; (ii) disclose it to the Department of Labour, Statistics New Zealand, the Ministry of Justice, the Accident Compensation Corporation, and the Ministry of Education; and (iii) disclose your personal information to your partner. (f) We may disclose details about the status of your loan application to any institution or person nominated by you. (g) Under the Privacy Act 1993 you have the right to ask to see all information we hold about you, and to ask us to correct that information. (h) You are not required to give us information: but if you do not give us all the information we ask for, your application for a loan may be declined. Assignment 14.1 We can assign our rights and obligations in this loan contract to any organisation or person. You cannot assign your rights or obligations under this loan contract. 15 Governing law 15.1 This loan contract is governed by the laws of New Zealand. 15.2 You and we agree that the courts of New Zealand shall have non-exclusive jurisdiction to hear and make a decision on all issues which may arise under or in connection with this loan contract. 15.3 Nothing in this loan contract limits our right to start legal action against you in any jurisdiction. The filing of any proceedings will not prevent the filing of proceedings in any other jurisdiction, whether at the same time or not. 16 Consent of parent or guardian 16.1 If you obtain a loan without your parent or guardian’s consent (if required) this loan contract will still be binding on you. 17 Offences 17.1 If you use this loan contract to obtain a loan when you are not a student of an education provider, or where you have used fraud or false pretence to obtain a loan, you may have committed an offence under the Crimes Act 1961. 17.2 Further, you will be committing an offence under the Act if, after the administration of your loan balance has been transferred to Inland Revenue, you; (a) wilfully or negligently fail to notify your employer that you are required to have repayment deductions made from your salary or wages; or (b) wilfully or negligently give any false information about anything affecting your repayment deductions or repayment obligations; or (c) wilfully or negligently mislead Inland Revenue about your repayment deductions or repayment obligations; or (d) wilfully or negligently make a false return; or 13 (e) refuse to give any information to Inland Revenue that you are required to under the Act; or (f) obstruct Inland Revenue when they are performing their duties under the Act. 17.3 Further you may be liable to pay penalties or fines for any offence committed under the Act, or if you evade or attempt to evade your obligations under the Act. 17.4 Prosecution under this section does not prevent other legal action being taken against you. 18 Definitions In this loan contract: Act means the Student Loan Scheme Act 1992. administration fee means the amount set out in the Key details of your loan section. This is a fee charged by us to help cover the administration of your loan. advance means any part of the loan entitlement paid by us to, or on behalf of, you; and advanced has a corresponding meaning. annual interest rate is the rate which interest is charged on your loan balance as set out in the Key details of your loan section. assign means a legal transfer to another person. benefit or Work and Income benefit means a benefit within the meaning of the Social Security Act 1964. course means a course that has been approved for student loan purposes by the Tertiary Education Commission, and includes each programme and component of that course. course-related costs means the course-related costs relating to your course, that we have approved. CPI process is the process by which the maximum living costs may from time to time be adjusted for movements in the New Zealand Consumers Price Index (rounded to two decimal places), as published on www.stats.govt.nz Crown means Her Majesty the Queen in right of New Zealand. default penalty means the penalty set out in clause 7.1.4, and the rate set out in the Key details of your loan section. due date is the date that payment is required by (see section 44 of the Act). education provider means a university, polytechnic, wananga, college of education, or a registered private training establishment providing tertiary education. fees means the compulsory fees necessary for your course. Inland Revenue means the Commissioner of Inland Revenue as defined in the Tax Administration Act 1994. interest-free loan means a loan as described in clause 7.2. interest rate is the rate at which interest is charged on a default amount as set out in the Key details of your loan section. 14 IRD number means your individual 8 or 9 digit tax code given to you by Inland Revenue. living costs means a weekly amount of loan advanced for your living costs while studying. loan means the total amount advanced by us to you under this loan contract and includes each advance and the administration fee. loan account means the account we hold for you and includes any advances we pay you and repayments you make. loan balance means the balance of your loan account at any particular time. loan contract means this contract and includes the signing page, Key Details of your Loan and clauses 1 to 18. loan entitlement means the total loan amount you can borrow and is set out in the loan entitlement advice. loan entitlement advice means the letter we send you under clause 6.2. loan period means the period beginning from the start date and ending on the date we make the final advance to you under this loan contract. This is before the administration of the loan is transferred to Inland Revenue. maximum living costs means the maximum weekly amount of loan you can ask to be advanced for your living costs while studying, as from time to time published on www.studylink.govt.nz. notice means information provided either to you or to us, that informs the other of details that they should be aware of under the terms of the loan contract as described in clause 12. person includes an individual, company, corporation or agency of state, or government department, whether or not having a separate legal personality. repayment percentage means the percentage set out in the Key details of your loan section. It determines how much of your income over the repayment threshold should be repaid. repayment threshold means the amount set out in the Key details of your loan section. It is the amount you can earn up to, before having to make repayments. start date means the date on which you receive your first advance as shown in the initial loan entitlement advice. student allowance means a weekly allowance we pay you while you are studying. student loan details means those details listed on page 2. Student Loan Scheme means the Crown’s loan scheme for tertiary students which may be amended from time to time. study period means the length of your course but excludes any holiday periods of 3 weeks or longer. we and us means the Crown acting through StudyLink, a service line of the Ministry of Social Development. working day means a day of the week other than: 15 (a) a Saturday, a Sunday, Waitangi Day, Good Friday, Easter Monday, Anzac Day, the Sovereign’s Birthday, and Labour Day; and (b) a day in the period beginning with 25 December in a year and ending on 2 January in the following year; and (c) if 1 January falls on a Friday or a Saturday, the following Monday; and (d) if 1 January falls on a Sunday, the following Tuesday. you means the person named as the borrower on the Signing page. 16
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